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ACQUISITIONS AND DISPOSITIONS
 3 Months Ended
Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS AND DISPOSITIONS ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS
Centerspace acquired four new apartment communities for an aggregate acquisition cost of $116.9 million during the three months ended March 31, 2022 compared to acquisitions of $76.9 million in the three months ended March 31, 2021. The acquisitions during the three months ended March 31, 2022 and 2021 are detailed below.
Three Months Ended March 31, 2022
Date
Acquired		(in thousands)
Total
Acquisition
Cost		Form of ConsiderationInvestment Allocation
AcquisitionsCash
Units(1)
Other(2)
LandBuildingIntangible
Assets
Other(3)
191 homes - Martin Blu - Minneapolis, MN
January 4, 2022$49,825 $3,031 $18,885 $27,909 $3,547 $45,212 $1,813 $(747)
31 homes - Zest - Minneapolis, MN
January 4, 20229,066 1,290 1,748 6,028 941 7,853 335 (63)
45 homes - Elements - Minneapolis, MN
January 4, 202211,364 1,429 2,249 7,686 936 10,261 574 (407)
130 homes - Noko Apartments - Minneapolis, MN
January 26, 202246,619 3,343 — 43,276 1,915 42,754 1,950 — 
Total Acquisitions$116,874 $9,093 $22,882 $84,899 $7,339 $106,080 $4,672 $(1,217)
(1)Fair value of operating partnership units issued on acquisition.
(2)Assumption of seller's debt upon closing for Martin Blu, Zest, and Elements. Mezzanine and construction loans, financed by Centerspace, exchanged as partial consideration for the acquisition of Noko Apartments.
(3)Debt discount on assumed mortgage.
Three Months Ended March 31, 2021
Date
Acquired		(in thousands)
Total
Acquisition
Cost		Form of ConsiderationInvestment Allocation
AcquisitionsCashLandBuildingIntangible
Assets
256 homes - Union Pointe - Longmont, CO
January 6, 2021$76,900 $76,900 $5,727 $69,966 $1,207 
DISPOSITIONS
During the three months ended March 31, 2022 and 2021, Centerspace disposed of no real estate.